Asia-Pacific markets experienced a general uptick on Thursday, following a rise on market driven by optimism regarding a potential interest rate cut by the Federal Reserve next week, spurred by disappointing jobs data. Payroll processor ADP reported that private companies cut 32,000 workers in November, compared with 47,000 additions in October, and well below the 40,000 increase anticipated by economists surveyed by Dow Jones. Markets are currently reflecting an 89% probability of a rate cut during the Federal Reserve’s meeting on Dec. 9-10, a notable increase compared to the expectations for rate cuts observed just a few weeks prior, as per indication. In Asia, Japan’s benchmark Nikkei 225 index experienced an increase of 2.33%, closing at 51,028.42, while the Topix index rose by 1.92% to reach 3,398.21.

Gains on the Nikkei index were primarily driven by the performance of industrials and technology stocks. Shares of Japan’s Fanuc experienced a remarkable increase of over 12%. The industrial robot manufacturer disclosed a collaboration with Nvidia on Tuesday, resulting in a 6.51% increase in shares for that day. Shares of the tech-focused investment giant SoftBank experienced a rally for the second consecutive day. The equity surged in excess of 9%. Japanese chip equipment manufacturer Lasertec experienced a rally for the third consecutive session, with an increase of 6.24%. Renesas Electronics experienced an increase of over 10% following reports that SiTime Corp, a semiconductor company based in California, was in discussions to acquire the timing unit of the Japanese chipmaker. A deal could value the timing business at as much as $2 billion, inclusive of debt, according to the reports. South Korea’s Kospi index experienced a decline of 0.19%, settling at 4,028.51, whereas the small-cap Kosdaq saw a decrease of 0.23%, closing at 929.83.

Australia’s ASX/S&P 200 experienced an increase of 0.27%, reaching a level of 8,618.4. Hong Kong’s Hang Seng Index increased by 0.68% to reach 25,935.9, while the mainland CSI 300 rose by 0.34% to 4,546.57. India’s Nifty 50 and BSE Sensex index exhibited little movement. The Indian rupee commenced trading at a historic low of 90.4 against the US dollar, signifying the third consecutive day of hitting an unprecedented low. IndiGo, the largest airline in the country, experienced a decline of up to 3% in its shares following the cancellation of numerous flights since Monday. IndiGo has cited unforeseen issues, including adverse weather conditions and heightened congestion, along with the introduction of revised rostering rules, as the causes of the disruptions experienced over the past two days. Flight disruptions have persisted for a fourth consecutive day, with a spokesperson from the Bengaluru airport confirming that 73 IndiGo flights were cancelled on Thursday.

Overnight, the Dow Jones Industrial Average increased by 408.44 points, representing a rise of 0.86%, concluding at 47,882.90. The S&P 500 experienced an increase of 0.30%, concluding the day at 6,849.72, whereas the Nasdaq Composite rose by 0.17%, finishing at 23,454.09. Equities linked to the artificial intelligence sector exerted the most significant downward pressure on major U.S. benchmarks on Wednesday, following a report from The Information indicating that Microsoft was reducing its software sales targets associated with artificial intelligence. Other major tech names, including Nvidia and Broadcom, contributed to a decline in the broad-based S&P 500. Microsoft refuted the claims in the report, resulting in a modest recovery in after-hours trading.